Truck maker Navistar raises 2018 forecast amid strong demand

The truck maker said it now expects 2018 revenue in the range of $9.25 billion to $9.75 billion, compared with its previous guidance of $9 billion to $9.5 billion.

The company raised its forecast for deliveries of Class 6-8 trucks and buses in the United States and Canada to between 360,000 and 390,000 units, from 345,000 to 375,000 units.

"We expect market conditions to remain robust and we are determined to take advantage of opportunities to grow share while delivering strong margin performance," Chief Executive Troy Clarke said in a statement. bit.ly/2Fk3XNI

Orders for Class 8 semi-trucks in North America jumped more than 76 percent in February as trucking companies rushed to add capacity in a tight U.S. freight market, FTR, a company that tracks the industry, said on Sunday.

Navistar also said revenue in the truck business, the company’s biggest, jumped 21.8 percent to $1.25 billion in the first quarter.

The company’s total revenue rose nearly 15 percent to $1.91 billion, but missed the average analyst estimate of $1.92 billion, according to Thomson Reuters I/B/E/S.

Net loss attributable to the company widened to $73 million from $62 million. On a per-share basis, the loss was 74 cents in the quarter ended Jan. 31, compared with 76 cents in the year-ago quarter.